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Preferred Bidder Makes $50m Down Payment for 9mobile

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9mobile
  • Preferred Bidder Makes $50m Down Payment for 9mobile

The preferred bidder for 9mobile, Teleology Holdings Limited, has paid the sum of $50m, being the non-fundable 10 per cent of the bid price required to keep its interest alive in taking over Nigeria’s fourth largest mobile operator.

The Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, who disclosed this on the sidelines of a meeting with Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, in Abuja on Tuesday, also stated that the preferred bidder had less than 90 days to pay the balance of $450m.

According to Danbatta, failure by Teleology to pay the remaining $450m on schedule will lead to it losing the spot to the reserved bidder, Smile Communications.

Danbatta and Emefiele also signed a Memorandum of Understanding for the licensing of payment operators and financial inclusion process in the country.

On the sale of 9mobile, the NCC boss told journalists, “The information I have for you is that an emerged bidder has been granted leave to pay the reserve price, starting with a deposit of $50m, which the emerged bidder has paid. We have information on that.

“What remains for the preferred bidder is to pay the sum of $450m in the next 90 days or less. After the payment of that balance, 9mobile will be transferred to the emerged bidder, which is Teleology.

“In the event that Teleology fails to make the payment at the expiration of the deadline, then the reserved bidder will be considered. The reserved bidder is Smile Communications.”

Answering questions on the MoU signed with the apex bank, Danbatta stated, “The MoU was drafted by a committee made up of representatives of the NCC and the CBN, which culminated in the signing of the MoU.

“On the basis of the MoU that we have signed, the two organisations have indicated commitment to driving the financial inclusion process in the country as well as ensuring improvement in mobile money penetration.”

Emefiele put the penetration level of financial inclusion in the country at 48 per cent, adding that the regulatory body had set a target of 80 per cent by the year 2020.

He said, “Let me seize this opportunity to welcome the EVC of the NCC to the CBN and to thank the NCC for finding time to visit us in the CBN for the signing of the MoU between the NCC and the CBN for the payment system in Nigeria.

“This is a landmark document, which our teams have worked on for several months, trying to put things together with the intention to see to how the NCC and the CBN can work together towards driving the payment system in Nigeria, reducing cash transaction and enhancing cashless operations in the country.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Lagos State to Support Businesses Looted by Hoodlums

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Lagos State to Support Businesses Vandalised and Looted by Hoodlums

Lagos State has announced plans to support businesses looted and vandalised by hoodlums last week.

The Deputy Governor of the stated, Obafemi Hamzat, made this known in a series of tweets put out on Friday.

He directed businesses vandalised in the state to fill a form attached through the link below.

“If you are a Lagos based business and your store got looted/vandalized this week, please fill this form by @LSETF https://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he tweeted.

This was after Governor Babajide Sanwo-Olu said the state had activated the process of healing the destruction and massacre that happened earlier in the week when security operatives in army uniforms opened fire on armless #EndSARS protesters.

Sanwo-Olu said, “My heart bled after I went out today for a first-hand assessment of the destruction of assets of the Government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me on May 29, 2019.

“Moving forward from the destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this, we are committed to bringing lasting peace back to the State.

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TVC Resumes Operations in Lagos Office Following Hoodlums Attack

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TVC Commences Operations Less Than 72 Hours After Hoodlums Attacked and Destroyed the Company’s Lagos Office

Television Continental (TVC) station has resumed operations less than 72 hours after its Lagos office was attacked by hoodlums that hijacked the #EndSARS protest.

The television station was attacked on Wednesday by criminals would believe that the media platform was owned by one of the top Buhari supporters, Mr. Bola Ahmed Tinubu.

The attack followed the shooting of unarmed #EndSARS protesters, who had gathered to protest against the activities of the Special Anti-Robbery Squad (SARS) unit of the Nigerian Police Force (NPF) at the Lekki Toll Gate on Tuesday.

The peaceful protesters were shot by security operatives in Nigerian Army uniform before the commencement of curfew imposed by Governor Babajide Sanwo-Olu of Lagos State.

The killings now tagged Lekki Massacre attracted global attention as global leaders condemned the Federal Government or whoever ordered the shooting and called for an immediate investigation into the matter.

On Wednesday, criminals allegedly sponsored by interested parties to dislodge peaceful protesters took advantage of the situation to wreak havoc across Nigeria’s commercial hub, Lagos State, as several private establishments businesses were attacked and looted by these unscrupulous characters.

One of the establishments attacked was the National Newspaper also linked to Mr. Tinubu.

The hoodlums stormed TVC on Wednesday morning during a popular morning show, Your View, anchored by Mrs Morayo Afolabi-Brown, the programme did not end before the television station went off air as it was immediately set on fire.

However, Investors King gathered that TVC resumed operations on Saturday morning, although regular programs were yet to resume fully.

As at the time of writing, the station was airing promos of various programmes and from what we gathered, regular programming will return very soon especially from its Abuja office.

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Ambassadorial Deal: Puma Names Wizkid as Brand Ambassador

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Wizkid is Puma Latest Brand Ambassador

Puma, global sportswear, has named Nigerian superstar, Ayodeji Ibrahim Balogun popularly known as Wizkid as one of its global ambassadors.

Wizkid, 30, is the new Puma x JD ambassador for the relaunching of the Puma Suede Classics range.

Speaking on the deal, Wizkid said “It’s an honour to be the face of the new JD x Puma Suede Classics campaign.

“Puma is a brand I’ve loved and respected growing up, and so the decision to become an Ambassador felt completely natural. The Puma Suede is a classic shoe that can be worn by anyone at any age and I think my fans will really connect with that.”Also speaking on the partnership, Puma’s Sportstyle marketing director, said “We’re thrilled to have Wizkid as the face of the new Puma x JD Suede campaign.

“A truly innovative and exciting artist in the music scene, Wizkid embodies the passion and hustle we look for in someone to represent Puma and we look forward to working with him for the AW20 season.

Wizkid is a Nigerian musician and songwriter that has worked with Beyonce, Drake, Wale and other international superstars.

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